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Grains Continue to Soften Ahead of the Quarterly USDA Report

Grain Express

/ by BlueLineFutures | Leave a comment

Grains have a weaker tilt to them to start the last trading week of the month and quarter. Is there a bottom in site?

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Corn

Technicals (December) December corn futures got hit hard last week and despite weekend flooding in areas of the northern Cornbelt, prices are bleeding lower to start a new week of trade. Support comes in from 446-447 1/4 which represents the lows from the year that were marked back in February. On the flipside, the Bulls want to get out above our pivot pocket from 455 3/4-460 3/4 to encourage some relief to repair some of the technical damage that has taken place over the last two-weeks. If the Bulls can chew through that pocket, it opens the door for a test of trendline resistance from 469 1/4-474 1/4, which happens to also include a few of the major moving averages. As mentioned, many times over the last few weeks, this isn’t a great time of year to get bullish on the market, but that doesn’t mean we can’t get a nice move higher from these levels. Keep in mind we do have a huge report on Friday, which is historically one of the more volatile reports of the year. Acreage data and ending stocks will be the big-ticket items.

  • Bias: Neutral
  • Resistance: 448-451*, 460 1/4-463 1/2
  • Pivot: 444 1/4
  • Support: 433-436****

Soybeans

Technicals (November) November soybean futures traded back to levels not seen in over a year. The recent selloff has taken the RSI down near oversold territory, but it never really crossed as deeply into oversold territory as you might think. There have been a few dark clouds hanging over the soybean market, but we would have thought that it could have held together a little bit better and present more opportunities on both sides of the market than it has. The pocket the Bulls want to get back out above comes in from 1141-1148 1/4. Consecutive closes above this pocket could spark additional short-term relief.

  • Bias: Neutral
  • Resistance: 1199 1/2-1204, 1220-1225
  • Pivot: 1170-1175
  • Support: 1140-1145****

Wheat

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Futures trading involves a substantial risk of loss and may not be suitable for all investors. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.

Blue Line Futures is a member of NFA and is subject to NFA’s regulatory oversight and examinations. However, you should be aware that the NFA does not have regulatory oversight authority over underlying or spot virtual currency products or transactions or virtual currency exchanges, custodians, or markets. Therefore, carefully consider whether such trading is suitable for you considering your financial condition.

With Cyber-attacks on the rise, attacking firms in the healthcare, financial, energy, and other state and global sectors, Blue Line Futures wants you to be safe! Blue Line Futures will never contact you via a third-party application. Blue Line Futures employees use only firm-authorized email addresses and phone numbers. If you are contacted by any person and want to confirm your identity please reach out to us at info@bluelinefutures.com or call us at 312- 278-0500

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